Tanger Inc. (NYSE:SKT) Receives $31.33 Average PT from Brokerages

Shares of Tanger Inc. (NYSE:SKT) have been given a consensus recommendation of “Moderate Buy” by the six research firms that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $31.33.

Several analysts recently weighed in on SKT shares. Evercore ISI lifted their price objective on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Compass Point boosted their target price on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, Scotiabank boosted their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th.

Hedge Funds Weigh In On Tanger

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. raised its position in shares of Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC acquired a new position in Tanger in the 2nd quarter worth approximately $27,000. Whittier Trust Co. acquired a new position in Tanger in the 2nd quarter worth approximately $33,000. GAMMA Investing LLC increased its holdings in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 393 shares during the period. Finally, CWM LLC increased its holdings in Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,398 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Stock Performance

SKT stock opened at $32.93 on Wednesday. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. The business has a 50-day moving average price of $29.82 and a 200 day moving average price of $28.38. The company has a market capitalization of $3.60 billion, a P/E ratio of 36.19, a PEG ratio of 3.35 and a beta of 1.89. Tanger has a 1-year low of $21.42 and a 1-year high of $33.26.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend was Wednesday, July 31st. Tanger’s payout ratio is currently 120.88%.

About Tanger

Tanger Inc (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.